India’s Titan expects double-digit percentage growth in profit for the ongoing quarter, the jeweller’s CFO said on Wednesday, as demand remains resilient amid firm gold prices.
The Bengaluru-based firm, known for its Tanishq and CaratLane brands, has seen robust growth led by its mainstay jewellery segment as consumers in the world’s most-populous country splurge on gold even as prices skyrocket.
Titan’s third-quarter profit jumped 61%, buoyed by higher selling prices for jewellery and strong demand during India’s traditional October-to-December festive season.
“January has gone very well, almost continuing the momentum which is there,” Ashok Sonthalia said in an interview, adding that gold prices coming off should boost the number of buyers.
India’s Titan logs quarterly sales surge on gold price rally, festive demand
Spot gold prices fell nearly 15% over two days in January after U.S. President Donald Trump announced his choice for Fed chair. They are up 18% so far this year.
Indians are piling on gold for investment as buyers assume it will yield good returns over five to six years, Sonthalia said commenting on demand being resilient despite the high prices.
The growth in number of consumers has been flattish during the third-quarter, Sonthalia said, with revenue rise primarily driven by higher selling prices. The firm posted 42% revenue jump in the third quarter that ended on December 31.
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